August 27, 2014

Attorney General Lisa Madigan Obtains $2.6 Million for SURS

Attorney General Lisa Madigan announced a settlement with Bank of America
that will provide $2.6 million for SURS.
ATTORNEY GENERAL LISA MADIGAN, along with the U.S. Department of Justice (DOJ), announced on Aug. 21 that Bank of America has agreed to the largest single settlement in the history of corporate America “for its role in offering consumers toxic mortgage loans,” Madigan said.

ILLINOIS WILL recover $200 million to the State’s pension systems and $100 million in consumer relief from the $17 billion settlement. “This brings the total my office has recovered for the State’s pension systems to $344 million,” Madigan said.

A TOTAL of $2.6 million will go to the State Universities Retirement System (SURS). The rest of the money will be go the Illinois Teachers Retirement System and the State Board of Investment, the latter of which oversees the State Employees Retirement System, the General Assembly Retirement System, and Judges Retirement System.

THE SETTLEMENT “is the third agreement I have secured as part of my work on the Department of Justice’s Residential Mortgage-Backed Securities Working Group and the fourth enforcement action I have taken against Bank of America,” Madigan said.

MADIGAN ADDED that the “settlement with Bank of America will help Illinois recover its losses from the dangerous and deceptive securities that put our economy on the path to destruction. Even six years later, we are still cleaning up the mess Wall Street created with its reckless investments and fraudulent conduct.”

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